Oil rises on signs of firmer demand, fall in US crude stocks
Oil prices rose on Wednesday amid signs of improving demand and a drawdown in US crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains.
Brent crude futures for July delivery were up 23 cents, or 0.7%, at $34.88 per barrel at 0347 GMT.
US West Texas Intermediate (WTI) crude futures for July were up 14 cents, or 0.4%, at $32.10 a barrel. The July contract closed on Tuesday at $31.96, up 1%.
The June contract expired on Tuesday at $32.50 a barrel, up 2.1%, as the WTI futures market avoided the chaos of last month’s May expiry, when prices sank below zero.
